The difference between actual quantity of input used and the standard quantity of input used results in a:
A. Budget variance.
B. Standard variance.
C. Quantity variance.
D. Controllable variance.
E. Price variance.
Answer: C
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On June 30, a company paid a premium of $2,400 for one year of insurance coverage, which started on July 1. The company has a calendar year-end. Which of the following statements about this situation is correct?
A. Prepaid Insurance of $2,400 will be reported on the balance sheet at December 31. B. Insurance Expense of $1,200 will be reported on the income statement for the year ending December 31. C. Prepaid Insurance of $200 will be reported on the balance sheet at December 31. D. On June 30, Cash would be debited for $2,400.
On January 1, Year 1, Strang Incorporated issued bonds with a face value of $500,000, a stated rate of interest of 8%, and a 5-year term to maturity. The effective rate of interest was 10%. Interest is payable in cash on June 30 and December 31 of each year. Which of the following statements is true?
A. This bond was issued at a discount, and the annual interest expense is $40,000. B. This bond was issued at a discount, and each semiannual cash payment is $20,000. C. This bond was issued at a premium, and the annual interest expense is $40,000. D. This bond was issued at a premium, and each semiannual cash payment is $25,000.
One bank offers you 4% interest compounded semiannually. What would the equivalent rate be if
interest were compounded quarterly? A) 3.98% B) 1.00% C) 3.96% D) 3.92%
Which of the following is true of advertising for condoms?
A. The state prohibits advertising for condoms unless it is part of a health campaign. B. Condom ads were shown only in late-night time slots until recently. C. Ads for condoms are permitted on cable television but not on the major networks. D. Health-oriented ads are not as well received by conservatives as are entertaining ads. E. Ads for condoms are considered offensive and are legally prohibited from appearing in print media.